EX-12 3 mgm-ex12_201412316.htm EX-12

Exhibit 12

 

MGM RESORTS INTERNATIONAL

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands, except ratio data)

 

 

 

Years Ended December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

 

2011

 

 

2010

 

 

 

(In thousands)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes and (income) loss from unconsolidated affiliates

 

$

435,761

 

 

$

202,550

 

 

$

(1,585,912

)

 

$

2,860,981

 

 

$

(2,047,756

)

Fixed charges (see below)

 

 

846,321

 

 

 

862,417

 

 

 

1,117,327

 

 

 

1,086,865

 

 

 

1,113,580

 

Distributed income from unconsolidated affiliates

 

 

15,700

 

 

 

17,038

 

 

 

23,000

 

 

 

63,013

 

 

 

341,186

 

 

 

 

1,297,782

 

 

 

1,082,005

 

 

 

(445,585

)

 

 

4,010,859

 

 

 

(592,990

)

Capitalized interest

 

 

(29,260

)

 

 

(5,070

)

 

 

(969

)

 

 

(33

)

 

 

-

 

 

 

 

1,268,522

 

 

 

1,076,935

 

 

 

(446,554

)

 

 

4,010,826

 

 

 

(592,990

)

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net(a)

 

$

817,061

 

 

$

857,347

 

 

$

1,116,358

 

 

$

1,086,832

 

 

$

1,113,580

 

Capitalized interest

 

 

29,260

 

 

 

5,070

 

 

969

 

 

 

33

 

 

 

-

 

 

 

 

846,321

 

 

 

862,417

 

 

 

1,117,327

 

 

 

1,086,865

 

 

 

1,113,580

 

Ratio of earnings to fixed charges

 

1.50x

 

 

1.25x

 

 

(b)

 

 

3.69x

 

 

(b)

 

Deficiency

 

$

-

 

 

$

-

 

 

$

1,563,881

 

 

$

-

 

 

$

1,706,570

 

 

(a)

Interest expense does not include the interest factor of rental expense as these amounts are not material. 

(b)

Earnings were inadequate to cover fixed charges.